Failure of the market breadth thrust? Refer to the Wyckoff logic from the bear market in 2011 [Video]
![Failure of the market breadth thrust? Refer to the Wyckoff logic from the bear market in 2011 [Video]](https://editorial.fxstreet.com/images/Markets/Equities/Industries/Hardware/pic-hardware-close-up_XtraLarge.jpg)
The market breadth thrust drops sharply from above 90 to 33 in 2 weeks, which is a weakness in the market. Will this sharp pullback violate the previous analysis on spotting the market bottom with the breadth thrust?
Let’s refer to the Wyckoff logic from 2011 bear market to find out whether the current pullback in S&P 500 is still healthy. Click and watch the video below:
The bullish setup vs. the bearish setup is 53 to 667 from the screenshot of my stock screener below. More stock leaders were shot down with only a handful of stocks from the Biotech and Solar industry groups being resilient and bucking the trend.
Despite multiple attempts to stop the down move with presence of demand, supply is still dominating. Hence S&P 500 is expected to have more weakness ahead.
Author
Ming Jong Tey
Independent Analyst
Ming Jong Tey has been trading since 2008. He started his learning journey from technical analysis (indicators, Fibonacci, etc...) to value investing. Throughout his journey, he develops an interest in price action with chart pattern trading.
